LNB Bancorp, Inc. (NASDAQ: LNBB) today reported net income of $1,672,000 for the three months ended September 30, 2011 compared to $2,730,000 for the same period in 2010. The three months ended September 30, 2010 included a one-time after tax gain of $1,459,000 on the extinguishment of debt related to the exchange of trust preferred securities for common shares. Excluding the one-time gain, net income for the third quarter of 2011 of $1,672,000 is up from $1,271,000 for the third quarter of 2010.
“We are encouraged by another strong quarter of solid core earnings performance in a continuing slow growth economy,” said Daniel E. Klimas, President and Chief Executive Officer of LNB Bancorp. “Additionally, expense management continues to be a high priority. Noninterest expense was $8,329,000, down 5 percent from the third quarter of 2010.”
Pre-provision core earnings* equaled $4,272,000 for the third quarter of 2011 compared to $3,438,000 for the third quarter one year ago, an increase of 24.3 percent. For the first nine months of 2011, pre-provision core earnings* totaled $11,886,000 compared to $10,810,000 for the first nine months of 2010.
“In the third quarter, asset quality showed significant improvement from a year ago which is testimony to our aggressive asset management strategy,” said Klimas. Nonperforming assets decreased by $6.5 million from the third quarter 2010 level. At September 30, 2011 non-performing loans totaled $37,115,000, or 4.43 percent of total loans, compared to $43,574,000, or 5.47 percent of total loans at the same time one year ago.Net income available to common shareholders for the three months ended September 30, 2011 was $1,353,000, or $0.17 per diluted share, compared with a net income available to common shareholders of $2,410,000, or $0.32 per diluted share for the same period a year ago. Net income for the nine months of 2011 totaled $3,514,000 compared to $5,304,000 for the same period one year ago. Net income available to common shareholders for the nine months ended September 30, 2011 of $2,558,000, or $0.32 per diluted share, compared with a net income available to common shareholders of $4,347,000, or $0.59 per diluted share for the same period a year ago.
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